One byproduct of the coronavirus pandemic is many public companies are cheaper now. Look for more M&A later this year, one analyst says.
Today we are going to look at WESCO International, Inc. (NYSE:WCC) to see whether it might be an attractive investment...
WCC earnings call for the period ending March 31, 2020.
WESCO International (NYSE:WCC) shareholders are no doubt pleased to see that the share price has bounced 38% in the...
Wesco International (WCC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
WESCO International, Inc. (NYSE: WCC) ("WESCO International") announced today the early results of the previously announced tender offers (each, an "Offer" and together, the "Offers") by WESCO Distribution, Inc. ("WESCO") to purchase for cash any and all of Anixter Inc.'s ("Anixter") outstanding (i) 5.50% Senior Notes due 2023 (the "2023 Notes") and (ii) 6.00% Senior Notes due 2025 (the "2025 Notes" and, together with the 2023 Notes, the "Notes," each such series of the Notes, a "Series"). In connection with the Offers, WESCO announced the early results of its consent solicitations with respect to each Series of Notes (the "Offer Consent Solicitations") to amend the applicable indenture establishing the 2023 Notes and 2025 Notes (each, the "Indenture," and together, the "Indentures"). For any Notes of a Series that a Holder (as defined below) tendered or will tender in either Offer, the Holder is deemed to have delivered consents ("Offer Exit Consents") to amend the applicable Indenture to, among other things, eliminate substantially all of the restrictive covenants, eliminate certain "Events of Default" and eliminate any requirement to make a change of control offer or restrictions in the Indenture that limit Anixter International (as defined below) or Anixter from consolidating with or merging with or into any other person or selling or conveying all or substantially all of its properties and assets to any person, in each case in the applicable Indenture (as further described in the Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase")) (the "Offer Exit Proposed Amendments").
Shares of WESCO International (NYSE:WCC) slipped 0.2% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were down 2.15% year over year to $0.91, which missed the estimate of $0.96.Revenue of $1,969,000,000 rose by 0.41% from the same period last year, which missed the estimate of $1,990,000,000.Looking Ahead WESCO International hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: Apr 30, 2020View more earnings on WCCTime: 11:00 AM ETWebcast URL: https://www.webcaster4.com/Webcast/Page/1120/33980Technicals Company's 52-week high was at $61.3252-week low: $13.52Price action over last quarter: down 39.85%Company Description Wesco International is a value-added industrial distributor that operates across four distinct end markets: industrial (36% of sales), construction (33%), utility (16%), and commercial, institutional, and government (15%). The company offers more than 1 million products to its 70,000 active customers through a distribution network of 500 branches and 10 distribution centers. Although Wesco generates almost all of its sales in North America, the company has a global reach, with operations in 15 other countries. After Wesco acquires Anixter in 2020, the firm's pro forma revenue will increase to over $17 billion, and the combined entity will easily surpass W.W. Grainger as the largest industrial distributor in the United States.See more from Benzinga * 1-800-Flowers.com: Q3 Earnings Insights * Recap: Unitil Q1 Earnings * Precision Drilling: Q1 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
First quarter highlights:
WESCO International, Inc. (NYSE: WCC) ("WESCO"), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today announced that its wholly owned subsidiary, WESCO Distribution, Inc. ("WESCO Distribution"), intends to offer (the "Offering") to eligible purchasers, subject to market and other conditions, $1,825 million aggregate principal amount of senior notes due 2025 (the "5-Year Notes") and $1,000 million aggregate principal amount of senior notes due 2028 (the "8-Year Notes" and, together with the 5-Year Notes, the "Notes" and, each, a "series").
Moody's Investors Service (Moody's) downgraded WESCO International, Inc.'s ("WESCO") Corporate Family Rating (CFR) to B1 from Ba3, Probability of Default Rating to B1-PD from Ba3-PD, and Speculative Grade Liquidity Rating to SGL-2 from SGL-1. Moody's also downgraded the rating on the company's senior unsecured notes at WESCO Distribution, Inc. to B2 from B1 The outlook was revised to stable, from ratings under review. Concurrently, Moody's assigned a B2 rating to the company's proposed $2.825 billion in new senior unsecured notes, issued in various 5 and 8 year tranches.
Moody's Investors Service (Moody's) has maintained Anixter Inc.'s ratings under review for downgrade due to the potential redemption by WESCO International, Inc. of substantially all of the outstanding 5.5% $350 million senior unsecured notes due 2023 and 6% $250 million senior unsecured notes due 2025 of Anixter. The redemption is conditioned on the closing of WESCO's upcoming acquisition of Anixter.
WESCO International, Inc. (NYSE: WCC) ("WESCO International"), announced today that its wholly-owned subsidiary, WESCO Distribution, Inc. ("WESCO"), has launched offers (each, an "Offer" and together, the "Offers") to purchase for cash any and all of Anixter Inc.'s ("Anixter") outstanding (i) 5.50% Senior Notes due 2023 (the "2023 Notes"), $350,000,000 aggregate principal amount, and (ii) 6.00% Senior Notes due 2025 (the "2025 Notes" and, together with the 2023 Notes, the "Notes," each such series of the Notes, a "Series"), $250,000,000 aggregate principal amount. In connection with the Offers, WESCO is soliciting consents with respect to each Series of Notes (the "Offer Consent Solicitations") to amend the applicable indenture establishing the 2023 Notes and 2025 Notes (each, the "Indenture," and together, the "Indentures"). For any Notes of a Series that a Holder tenders in either Offer, the Holder will be deemed to have delivered (i) consents ("Offer Exit Consents") to, among other things, eliminate substantially all of the restrictive covenants, to eliminate certain "Events of Default" and to eliminate any requirement to make a change of control offer, in each case in the applicable Indenture (as set forth in the Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase")) (the "Offer Exit Proposed Amendments") and (ii) consents ("Offer Change of Control Consents") to the Change of Control Proposed Amendments (as defined below).
Q1 2020 Wesco International Inc Earnings Call
WESCO International (WCC) reports weak first-quarter results due to dismal sales on account of the COVID-19 outbreak.
WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today announced that due to continued public health precautions, including current restrictions on in-person gatherings as a result of the coronavirus (COVID-19) outbreak, and to support the health and well-being of WESCO stockholders, employees and the community, the Company's 2020 Annual Meeting of Stockholders (Annual Meeting) has been changed from a hybrid meeting to a virtual-only format via a live audio webcast. There will be no physical location for the Annual Meeting and stockholders will not be able to attend in person. The Annual Meeting will continue be held on May 28, 2020 at 2:00 pm Eastern Time.
WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today announced it received approval from Mexico on April 30, 2020 for its planned merger with Anixter International. Notification of the Merger was filed in Mexico on February 10, 2020. Receipt of this approval satisfies one of the conditions to the closing of the proposed transaction, which remains subject to regulatory clearance from Canada. The parties have also filed notifications seeking approval under the antitrust laws of Chile, but the receipt of approval in Chile is not a condition to the closing of the merger. Approval or clearance has previously been received under the antitrust laws of the United States, Russia and Turkey. The parties expect to complete the merger in the second or third calendar quarter of 2020.
Anixter Inc. announces consent solicitations related to Anixter Inc.’s 5.50% Senior Notes due 2023 and 6.00% Senior Notes due 2025
Investors in WESCO International, Inc. (NYSE:WCC) had a good week, as its shares rose 7.9% to close at US$26.95...
Wesco International (WCC) delivered earnings and revenue surprises of -6.19% and -1.69%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
WESCO International (WCC) plans to offer senior unsecured notes with different maturities, subject to market conditions and other factors.